Title

Supreme Court Preserves SEC's Disgorgement Authority, But with Limits
Client Memorandum

Created date

6/23/2020

On Monday, June 22, 2020, the Supreme Court decided Liu v. Securities and Exchange Commission, the latest decision in a long-running challenge to the SEC’s authority to obtain disgorgement in federal court actions.  In an 8-1 opinion, the Supreme Court upheld the SEC’s authority, but with limitations that raise questions for future litigation.